9 ways to improve your finances in 2022!

If you’re looking to improve your finances in 2022, whether you want to save for a new home, that dream holiday – or you just want to clear your debt, these tips will help you to ensure healthy finances for the next 12 months.

1)    Review your finances regularly

If you want to improve your finances, you need to keep track of them. Get into the habit of reviewing your income and expenditure regularly. This is a great opportunity to make sure you have a clear picture of your financial health. For example, you’ll be able to see if your expenses are greater than your income and this will give you an early warning to do something about it, so you don’t end up with unwelcome debt.

This exercise is also a great time to check in with your spending and maybe cut out the things that you’re paying out for each month but not using, such as gym memberships or other subscriptions.

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2)    Check your credit report regularly

Your credit report is a useful tool because it gives you a breakdown of your credit accounts and how you’ve been managing them. Many people only check their reports if they’re actively searching for credit, but we recommend getting into the habit of checking your credit report at least a couple of times per year. By doing this, you’ll not only always have an awareness of your current credit situation, but you’ll also discover quickly if any errors are made on your report which might impact future credit applications. In addition, you’ll quickly be able to see if you’ve been a victim of identity fraud and be able to get help resolving any fraudulent accounts.

3)    Re-mortgage

In our recent blog post, Re-mortgage: A complete guide for 2022, we shared the shocking stat that 49% of British homeowners state that they have never re-mortgaged before. In fact, they’ve never even looked to see what other deals may be available. This means that an awful lot of people are leaving money on the table – don’t be one of them!

Speak to a mortgage broker to check if you could save money on your monthly mortgage repayments by re-financing your mortgage.

4)    Protect your finances

Here at BB Mortgages, we don’t just help people with their mortgages, we can also support you in protecting your finances through a wide range of insurance products. Something like life insurance won’t provide immediate improvement for your finances, but it will give you peace of mind that your loved ones will be financially secure in the event of your death.

Equally, income protection insurance will ensure that you remain financially stable should something happen which means you’re unable to work for a long period of time.

5)    Start saving

Whether you’re saving for something specific like a new home or just creating a pot for emergencies, creating a habit of putting some money into savings regularly is a great way to give yourself more financial stability and security.

If you’re sticking to our first tip of this post and reviewing your finances regularly, then you’ll have a good idea of how much disposable income you have (this is the income you have leftover after all your monthly expenses have been covered). Choose an amount that feels comfortable for you to put into savings each week or month.

Even if you don’t have much disposable income and the idea of saving feels really difficult, you can try the 1p Savings Challenge, created by Money Saving Expert.

6)    Prioritise paying off your debt

If you currently have debts outstanding then it’s a good idea to prioritise paying these off first before you start saving. This is because the interest rates you’ll be paying on your debts will be greater than any interest you’d likely make on your savings, so you’ll actually save more money by clearing your debts first.

Make sure you’re paying the contractual payments for each of your debts and then put any additional amount you can afford towards the debt with the highest interest rate so you can clear this one first. Once this debt is cleared, move to the one with the next highest interest rate and so on.

7)    Check what support might be available to you

There are numerous Government support schemes available for people in all sorts of situations, from business owners to families and people with disabilities. Check out this handy information from Gov.UK to see what additional financial support you may qualify for.

8)    Get help if you’re struggling

If you’re currently in a situation where you’re struggling to make ends meet. Perhaps your expenses are exceeding your income and you’re getting into increasing amounts of debt, then don’t bury your head in the sand!

There are many organisations out there who can help you so be proactive and seek help before things get worse. Here are a few places where you’ll find friendly and expert advice on getting back control of your finances and clearing your debts in a manageable way.

Citizens Advice – Help with debt

StepChange free debt advice

National Debtline

9)    Review your monthly bills

Last, but not least, January is a great time (although let’s face it, there’s never a bad time to do this!) to take a look at your monthly bills and check what better deals might be out there. Whether it’s your utilities, your insurance, your gym membership or more, take a look at what you’re currently paying and whether there are new and better offers out there for you.

Here at BB Mortgages, helping people to save money is kind of our thing so if you’re looking to re-mortgage, switch insurance or get insured for the first time, then we’d love to chat. We offer free consultations with one of our expert advisers – and these can be done remotely so you don’t even have to leave the comfort of your own home! 

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James Carpenter